Are you interested in depositing money at the post office? The Post Office Recurring Deposit Scheme is a great option for those looking to save a small amount every month and receive a larger sum at the end.
This scheme also comes with a central government guarantee. Let’s calculate the amount you can save by depositing Rs. 1,000, Rs. 5,000, and Rs. 10,000 per month.
The post office offers various small amount savings schemes, making it possible for the average person to save small amounts over time and build up a substantial sum.
If you’re looking to save some money every month, the recurring deposit scheme offered by the post office is a good option. It is a safe and stable savings scheme that provides reliable returns.
The maturity tenure for the Post Office RD Scheme is 5 years. After this period, the entire amount along with the interest is returned.
Additionally, the scheme can be extended for another five years if desired. It’s also possible to make a premature withdrawal after 3 years, although there may be a reduction in the interest rate.
The current interest rate for the Post Office RD Scheme is 6.7%, and the rates are reviewed and adjusted every three months by the government.
Let’s calculate the amount you would receive by depositing Rs. 5,000 per month for 5 years. Your total investment over 5 years would be Rs. 3 lakhs, and at an interest rate of 6.7%, you would earn interest of up to Rs. 56,800.
This would bring your total to Rs. 3,56,800. If you choose to extend the plan for another 5 years, your total investment would be Rs. 6 lakhs, and you would earn interest amounting to Rs. 2,54,300, resulting in a total of Rs. 8,54,300.
If you deposit Rs. 1,000 per month for 5 years, your total investment would be Rs. 60,000, and at an interest rate of 6.7%, your total amount after maturity would be Rs. 71,370.
If the plan is extended for another five years, your total investment would be Rs. 1,20,000, and the interest earned would be Rs. 50,860.
If you deposit Rs. 10,000 per month, after 10 years you would have a principal amount of Rs. 12 lakhs and an interest of Rs. 5.08 lakhs, totaling Rs. 17,08,550.